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Seeing Solicitor about mom and dad's will, what do i need to ask?

yok25 Avatar
7y, 10m agoPosted 7 years, 10 months ago
I have an appointment tomorrow to talk about and sort out my mom and dad's will. We already know that the house price will be split between me and my brother, but is there anything I should ask?

Sorry never done this before :-(

Thank you x
yok25 Avatar
7y, 10m agoPosted 7 years, 10 months ago
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#1
Tax liabilities for inheritance tax :thumbsup:

what happens if you or your brother die first, it should default to the other or their kids / wife :thumbsup:

If they are young you can have the house signed over NOW and rent it to them for a nominal fee for the rest of there days, provided they live for another 7 years it's tax free when they die ;-)

:thumbsup:
#2
just done this altho sometimes scottish law is different from english law so maybe not everything applies.

if the estate is higher than 312 thousand you pay inheritance tax. the lawyer needs to write to every bank/building society asking if they have an account in your parents names,then get the will probated by a court before you can access any money or sell the house.

get the lawyer to quote you a one off fee for everything-thats what we did-even if they hold the will you dont need to use them for probate.

like I said-this is scottish law,cant be certain it applies all over the country.

if you are named as executor you dont actually need to use a lawyer at all altho they would get the probate done quickest. probably about 6 weeks before they contact everyone and get a court probate.
#3
vinylandtrinkets
My hubby's nan died last July and he and his sister, our son ,my neice and a few other people were named in the will being left set amounts of money. The solicitor was instructed by the executors didnt want anything to do with the will so it left only one and my sister in law to sort it our. It has taken 8 months for probate it was granted start of the month, hubby sister is being a right bitch at the moment with loads of things like the price of the house as she wants to buy it so she had her estate agent friend under value it by £40k all this was done without the solicitor,executor and my hubby knowing. so my advice to you would be make sure everything is clear in the will, if the house is to be sold, who else will be benefactors , what happens to the contents of the house, what about things already given to other family members as this needs to be declared to inland rev. if you have any doubts about anything clear it with the solicitor.
Everyone always says its best to have a will but even when one is left its not always straight forward, it depends on other benefactors and how nasty they can be when money is involved like my sister in law.
What makes it worse for us is my sister in law didnt speak to the woman until she had a baby so the child would be added to the will only then did she speak and visit the woman, and she is now doing the exact same thing with hubbys other nan who is 97. like i said money brings out the worst in people.


this site might be helpful
http://www.hmcourts-service.gov.uk/infoabout/civil/probate/why_will.htm


if your sister in law is not an executor is is point blank illegal for her to instruct an estate agent to do anything-agree tho its very sad when families fight over money.
#4
bit confused why you refer to your mum as "mom". R u american? Anyway, I am sure the solicitor will tell you everything you need
#5
big-boy
Tax liabilities for inheritance tax :thumbsup:

what happens if you or your brother die first, it should default to the other or their kids / wife :thumbsup:

If they are young you can have the house signed over NOW and rent it to them for a nominal fee for the rest of there days, provided they live for another 7 years it's tax free when they die ;-)

:thumbsup:


Not sure what you have said is correct - it cannot be for nominal rent it must be a full market rent and tax needs to be paid on it. Otherwise it will not work as a way to limit inheritance tax
#6
bargainhunter2009
bit confused why you refer to your mum as "mom". R u american? Anyway, I am sure the solicitor will tell you everything you need


:oops: haha no I am not American! I have always called mom - mom, so do alot of people :p

Thanks for everyone who has took the time to answer me, i do appreciate it :thumbsup:
#7
Under current laws, any gift given more than seven years before a person's death is not subject to inheritance tax.

Money given within that period may be taxed at 40%.
Tax set at 312k level.
#8
tdogg
Under current laws, any gift given more than seven years before a person's death is not subject to inheritance tax.

Money given within that period may be taxed at 40%.
Tax set at 312k level.


Yes but does not include a house - you cannot give it and continue living in it unless you pay the full market rent- just to be clear
#9
I won't be having the house signed over to me, my mom and dad are 70 years old. All is paid for

Cheers x

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